Bill on digital currency and metaverse will be discussed in the European Union in May

Digital Euro should be launched for testing in 2023

The Digital Euro comes as a priority for the European Central Bank in 2023. With the aim of delivering a prototype of the currency by March of next year, the institution works with qualified partners to expand its operations in the international economy; Amazon, for example, participates in the asset’s research line.

Although the hammer has not yet been hammered on the issuance of a European Central Bank Digital Currency (CBDC), the European Union is already concerned about crimes that could be committed if there is no necessary regulation of the digital economy. A date has already been set for the publication of a bill that regulates the currency, May 24. According to the commissioner:

“The legislation will be the framework for a digital euro. It would be remiss if Europe did nothing now, but at some point in five or 10 years it would have to do something urgently.”

Digital euro faces distrust

Regarding the projection of digital currency, one of those present at the Commission, the economic spokesman for the largest political group in Parliament, Markus Ferber explained that he is still confused about the usefulness of the asset: 

“As a consumer, what can I do with the digital euro that I can't do with existing payment systems?”

For the metaverse, the European Union also intends to discuss criteria for regulation. With a date set for May 3, the commission is expected to discuss the applicability and legality of virtual worlds. Information about bills involving digital currency and virtual worlds can be found in the register of EU commission documents by clicking here.

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